Two cotton farms on Queensland-NSW border could fetch up to $25m

Operated by the Grey family, Garrawilla (1723h) and the adjoining Belmore (518ha) in the Barwon River catchment on the Queensland-NSW border are up for auction next month along with their valuable water entitlements.

The properties focus on cotton and winter cereals and according to sources Garrawilla is expected to sell for between $18m and $20m and Belmore $4.5m and $5m before or at the March 18 auction in Goondiwindi.

JLL directors of Agribusiness Clayton Smith, who is marketing the properties with Chris Holgar and Geoff Warriner, said they offer an opportunity to acquire a significant agricultural holding in an in-demand Queensland agricultural region.

“They’re underpinned by significant water entitlements and we expect significant interest, particularly given the momentum of the agricultural sector following an extremely strong 2020 in terms of sales and market focus,” he said.

“Across both properties, 1406ha has been extensively developed as flood irrigation with the balance featuring grazing and support land providing the opportunity to extend.”

Border River-Barwon Zone water entitlements totalling 5993 and 1300 megalitres underpin Garrawilla and Belmore respectively and the assets and are supported by strategically located on-farm storages totalling 7000 megalitres (or 2800 Olympic pools).

Mr Holgar said the properties benefit from in excess of 25,000 megalitres in current account water with the recent regulative changes to the Border Rivers and Moonie Water Management Protocol 2019

“This offers the potential for an additional source of revenue,” he said.

There are 13 cotton gins operating in proximity to the properties including: Namoi Cotton Gin, Koramba Cotton Gin, Cubbie Ag Cotton Gin, North West Gin, Queensland Cotton Gin and Auscott Gin.

This article originally appeared on www.theaustralian.com.au/property